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RE: Switching from "S" corp to "C" corp, or LLC or personal
My trusted accountant has me in an LLC. It gives me some personal protection from lawsuits. In an LLC the taxes pass down pretty much the same as if I were a sole proprietor. Once again the benefit seems to be the protection aspect. I have also had 2 S corps in the past and my Accountant made very good cases for having them. A C corp has many drawbacks for small business including double taxation in many cases. Just take what I say with a grain of salt as I have a great accountant as mentioned and he looks at all the aspects before suggesting the best course or strategy. Before going back take some time to research the S corp vs the LLC and make a list of questions about your personal circumstance. If you have trusted friends in the business world ask who they use. I am on board with my accountants thinking. Also consider getting an accountant that knows whatever accounting program that you use. My accountant knows my software inside out and it makes it real easy to talk with him over the phone and to make journal entries without all the running back and forth.
John - you have had the most intelligent answer so far.
I know that for each of the entities - regular "C" corp, Sub "S" corp, LLC and individual business all have specific and comprehensive definitions. I must look at the structure of my operation and then individually all the other entities, in order to best select for our operation.
One of the "huge" issues that faces us the the constant effort to manage our expenses - we often struggle to keep "qualified expenses" up high enough to where we need them to be.
It's a balancing act and that is part of what I will be examining closely as I weigh a change.
Thank you
God Bless
Bill
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sepisllib
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03/15/10 06:00am |
Around the Campfire
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RE: Switching from "S" corp to "C" corp, or LLC or personal
You didn't say if you were on the payroll and paying payroll taxes. If not, the IRS has really started looking at this, especially if you are taking distributions form the S Corp. That may be what your accountant is looking at. As others have said, you need to get some real good advise regarding your state and other effects on switching types of business.
John - thank you.
Yes - from day one I have been on payroll, as I am fairly well versed in that technical aspect. We do not have any "contract" employees and probably never will have.
I am just beginning to process of comparing the various tax advantages and disadvantages of the "C" corp, vs; the "S" corp, vs; the LLC, vs; sole prop.
So far I am leaning toward the LLC, however I need to obtain much better input and recommendations than I presently have.
Just looking for "real world" input - such as you folks have in abundance.
God Bless
Bill
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sepisllib
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03/13/10 01:27pm |
Around the Campfire
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RE: Switching from "S" corp to "C" corp, or LLC or personal
You came on a RV forum to ask for advice on a subject like that! Boy are you in over your head.
What do you expect - go on IRS forum to check these things out?
No - I think not. Just looking for some "real world" input and along with other input a proper decision shall be made.
Regards to salary - of course, not that dumb. Accountant came highly recommended, however I did not vetting of her because of my health issues at the time. Wish I had, though, as it turns out she is a fairly good accountant, however she is trained and biased toward the IRS - I need and want someone to look out for "OUR" interests, not the government. It's our money, not theirs.
Since I am snowbirding presently - I must wait until I return home to tackle the issues.
Reason for posting here is because this forum has some of the most diverse, experienced and educated people in the world - Period.
God Bless
Bill
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sepisllib
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03/13/10 01:21pm |
Around the Campfire
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Switching from "S" corp to "C" corp, or LLC or personal
When I started my business I opted for a Sub "S" corp for may reasons.
Now - have had a new accountant for two years and noticed she has switched from ROI over to pure distributions. She didn't know what an ROI was and so that is creating huge problems for me. My personal income tax has gone up by over 10 times because of that.
My question is - does anyone have a good signal time - when it would be prudent to switch from the "S" corp over to a standard "C" corp, or an LLC or even to sole proprietership.
God Bless
Bill
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sepisllib
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03/13/10 06:36am |
Around the Campfire
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RE: Ladder - on rear of my coach - standoff damaged
If you do slip - just don't step onto that stand-off, they don't like it.
God Bless
Bill
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sepisllib
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03/11/10 11:29am |
Class A Motorhomes
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Ladder - on rear of my coach - standoff damaged
I have damaged one of my "stand-off" on my rear ladder. Slip caused and it is damaged beyond repair - other one is seriously bent too
Anyone know of supplier for "just" the stand-off units?
Mine measure 5 3/4 inches long and has the flange on end for attaching to coach - with a large screw that secures the ladder
God Bless
Bill
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sepisllib
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03/11/10 05:15am |
Class A Motorhomes
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RE: Finally got my Pass
I am looking forward to using it as there are a number of places I wish to visit.
Just in this area, Alamogordo, NM there are numerous day trips to parks and sites that I really have never had the opportunity to see.
I visited the space museaum yesterday, however that is a state site and do charge $5 each - worth it though. The stair climb from the lower parking lot was a trial, but worth it.
God Bless
Bill
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sepisllib
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03/02/10 07:28am |
General RVing Issues
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RE: Finally got my Pass
Wow - thank you DesertHawk.
We have been here at Boothill for a week now, little cooler than Tucson but sure like the area better.
We have spend some time looking around and enjoying a little of the sites - haven't made all of them, but working toward that goal.
The cool weather works well for me right now - have just polished up the final version of my 6th book, "Coffee Creek" and am now into the submission process. In meantime I have to edit my 5th (had sat that one aside because wife felt coffee creek was superior).
Thank you tons for the information - you know your way around
God Bless
Bill
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sepisllib
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02/27/10 06:40pm |
General RVing Issues
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Finally got my Pass
Traveling for many years, never once was it convenient to stop and apply for my National Park Pass.
Yesterday - drove the 16 miles from Alamogordo up to Cloudcroft where the Lincoln National Forest is located. The ranger station was open so I supplied the necessary information and now have in my posession the Interagency Access Pass.
The drive was beautiful and I intend on repleating it in order to see more of the park. Temperature was 35 degrees when we arrived - but 60's when we left our RV park just north of Alamogordo.
God Bless
Bill
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sepisllib
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02/27/10 05:08pm |
General RVing Issues
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RE: Get a ByPass-Miss a Trip
Don, I am thinking that how one recovers from bypass surgery has many variables.. I had a triple bypass following a heart attack on December 26 2008... I ran and completed a marathon in October 2009. It kicked my butt but I finished... It was not my first marathon:)...
Our Motorhome travels was in excess of 20,000 miles in 2009... To say I am anal relative to diet and exercise would be an understatement.
My response to your question is that what you will recover in terms of what activity and the intensity of those activity will depend in part on how much damage was done to your heart from the attack... But the lions share will depend on your commitment to be disciplined relative to the diet and exercise regimen outlined by your cardiologist and the prescribed rehabilitation therapist.
Johnny
Got to agree with you on this one - depends heavily upon each individual's condition going in, attitude and many other factors. Single biggest factor, IMHO, is self discipline
Good Luck
God Bless
Bill
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sepisllib
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02/21/10 05:10am |
Class A Motorhomes
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RE: Get a ByPass-Miss a Trip
It seemed like such a good idea...a short drive over to Lake Havasu for fireworks and Valentine's Day weekend. Instead the only fireworks I got was a heart bypass-four. The shock for me was thinking I was in good shape...just the usual blood pressure under control for several years and the cholesterol thing. After six days in the hospital I'm at home going crazy but doing well.
With too much time on my hands, several thoughts have come to mind. We were beginning a plan for the trade of our Diplomat for a larger new coach...that's out. But the real question now is driving the current coach. I'm okay with the idea that I am not to drive for five or six weeks (for those who have not had this experience, they cut your sternum down the middle and wire it back together), but I'm not so sure about grabbing that big steering wheel in the coach and giving it a go. My thoughts turn to the what-ifs of driving and the sudden and unexpected requirement to quickly turn the steering wheel.
I would be interested to hear of the experience of others who have been through this procedure and what/when you returned to coach driving. Our next trip is planned for the last weekend of March...Phx to Anaheim over five days.
Don Parrish
Don - I just had to respond to your post.
Sunday, he 15th of May 2005, I was driving my coach from Minneapolis down to La Crosse Wisconsin - I had an appointment for and Angioplasty on Monday so we decided to just park in the hospital lot and spend the next couple days there.
Just before I reached La Crescent, Minnesota (just across the river from La Crosse) I had a heart attack - my wife dug out the nitro and I took 2 and drove on the few miles to the ER at Gunderson. I parked her in front of the ER and walked inside - that was as far as I was able to make it.
After they got me stabalized I was admitted and placed into numerous testing schedules with surgery on the 18th at 6 am. Wife had to find a maintenance man that could drive the coach and he moved it to a spot away from the front entrance - that is where she (and my son) ended up living for the next week.
Morning of 18th at 6 am, I was stripped and shaved - and went into surgery. I woke up at around 10:30 that night and was desperately searching for the elephant sitting on my chest - never did find that critter.
Later found out from my surgeon that I had a bad valve - they put me on a bypass and tried to repair the valve, however when they started me back up it failed, so they decided to replace the valve and while at it they did a quadruple by pass.
I was released the next Monday the 23rd, and went home to my best friend for the next few weeks - my Lazy Boy. By the third week I was walking a mile once a day - and that gradually improved over time. I sent wife out for a vacation away from me the middle of June - she needed it and I did just fine. By the time she arrived back home the end of June I drove my coach up to the Rochester Mn airport to pick her up and we enjoyed each others company out there in the parking lot, then I drove the coach back home.
In August I was also diagnosed with Non-Hodgkins and by oct was starting chemo - then the November chemo treatment I got really sick and it went away a bit - but by Thanksgiving I clebrated by having my gall bladder removed.
Gotta tell you - 2005 was a year that I really do not care to repeat. However, I had to retire, I simply did not regain the stamina to allow me to charge ahead for 6 or more hours a day working - even though I loved my work.
Today - if I drive our coach more than 6 hours at a time it is a very long day for me and I find I need the next day to recover. Still driving is an easy task - but tiring.
PS - so far I still do most of my own work, changing oil, filters, belts, polishing, cleaning, washing and etc - I just have learned to pace myself is all. IE; I ran a new satellite cable from front to rear tv cabinet - down through storage in basement one at a time and it took me several days, just an hour here and an hour there - finally got it done.
Just hang in there - the zipper club is not so bad after all. Gives you something to discuss with the others out there.
God Bless
Bill
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sepisllib
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02/20/10 01:47pm |
Class A Motorhomes
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RE: Wheel Nut Covers - repair shop - and UPS
This reminds me of a saying that my granddad would use in these type situations.
"Son, don't be kicking the mule because you forgot to hitch up the git along."
The old addage "don't shoot the messenger!" applies here - once again the inferences are lack of truthfulness up to outright lies. Anyone knowing me will state that without question this is "not" the case.
I appologize to you all for bringing this issue to the forefront - of course this exact issue is "what's wrong" with our society.
I know what I can and will do here - you all can assume what you wish.
Bye now!
God Bless
Bill
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sepisllib
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01/23/10 09:33am |
Around the Campfire
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RE: Wheel Nut Covers - repair shop - and UPS
You are blaming UPS for not delivering your package and are advising others to not us UPS. Is this correct. From reading your post I would be more inclined to believe that what you are getting is excuses from an incompetent tire shop not UPS's inability to deliver your package.
Randy
Tire shop "was" slow in getting the package shipped the first time ---- repair side manager's fault. Next time UPS took package that "did not" have the zip code written on it (UPS pickup man's fault) and the next time the correct address - in full - and UPS returned the package stating they do not deliver to this particular RV park.
True -- to some degree, however as I stated I sit facing the exit driveway and nearly each day I see UPS and FEDEX trucks stopping by at least "one" of the camp sites here.
OK - give you doubters one more.
Last year I had a shop in home town acquire some latches for me and ship them to my daughters address in Oklahoma City. The box was addressed the week after I left home and taken to the local ACE Hardware store for UPS pickup. The shop owner is a friend of mine and I physically handed him my daughters address - I "know" the box was addressed right.
Two weeks later I checked with daughter and the box had not arrived to I finally called UPS without a tracking number - well, you know how far I got on that one.
I called my friends shop and his wife gave me the tracking number so I put that into the computer --- computer advised the box had been delivered several days earlier/////// wrong - daugher has been expecting it too and nothing.
I called UPS and after a very long time getting the run around I gave up and went to the local UPS pickup center and "they" gave me a phone number that their UPS driver gave them - to try and track it down. This phone number is not available to the public.
Still got the run around - woman I spoke to insisted I had the package and after some serious demands she "finally" put me on hold for a very long time ------ coming back to tell me my package had indeed been delivered -------- to an address in PA.
How the *^%( does a driver or a delivers service confuse OK with PA and especially since the ZIP codes are dramatically different.
Sorry for length - but I have been in business for a long time and have to say that UPS used (Key word - USED) to be great. The last 5 years or so I got to say it has turned into the worst delivery service out there - I have switched nearly everything over to the postal system now because of the issues.
Postal - they have their issues also and case in point is a check I mailed out one year and six months ago - check was placed in a long envelope and sent to a local business and was for several thousand dollars. To this day that letter has not shown up - at the business, friends of mine also, returned or anything.
Hope this settles the issue just a bit -
God Bless
Bill
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sepisllib
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01/23/10 05:32am |
Around the Campfire
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Wheel Nut Covers - repair shop - and UPS
This topic has been moved to another forum.
You can read it here: 23603391
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sepisllib
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01/22/10 01:59pm |
Class A Motorhomes
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Wheel Nut Covers - repair shop - and UPS
Not the first time by any means - but will be the last time if I can help it.
December 8th, 2009, flat on Tag RR - took to a great truck repair center in Oklahoma City and was out the door in fairly short time. Only problem is the young man tightened up the lug nuts and then failed to snap the Chrome Lug Nut Covers back on and I drove 100 miles before noticing it.
Phone call that afternoon secured the covers on service managers desk - told him I would give him address upon arrival in Arizona.
Well - 21st of December called and gave them the exact address here in the court - and I had noticed that UPS and FEDEX along with postal mail deliveries were regular - daily at the campground.
After a week I called and found that the service manager still had the box sitting on his desk - addressed but not mailed. He assured me it would be out right away.
Several days later I called and he advised the box was on the way - sent off on the 31st.
I waited and waited and finally on the 13th of January I called the service manager's supervisor - and he checked things out and said that UPS had delivered the package back as it did not have the ZIP code written on it.
Made sure they had the correct zip (they did) and the supervisor said he would make sure that it was sent out.
Today - called the supervisor back ---- here it is the 22nd of January - and the supervisor said he had received the package back as not deliverable to this address. It DID have the correct address and zip code on it this time.
Now mind you - I sit facing the exit road of the entire campground and each day I see the UPS and FEDEX trucks come through.
Try to talk to UPS ---- tried it, forget trying because they absolutely will not talk to you about the problem and fix things.
Only thing I can say is this ---- I have contacts with many clients and thousands of employees ---- my recommendation to them is DO NOT use UPS for shipping anything.
I have instructed my people to send things to me by any service except UPS.
Just a rant ---- as I await FEDEX's arrival with my package (the tire shop chose to send it that way this time - not my choice).
God Bless
Bill
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sepisllib
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01/22/10 01:59pm |
Around the Campfire
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RE: How would you handle-park mgr changed mind-we have to leave
Although you are in a "no win" situation, because regardless of how this turns out you lose.
I believe you will prevail in small claims, but to what end. You would be able to remain in that park for a short time more however ultimately would find it uncomfortable and desire to leave. They will not be open to renewing the agreement under any circumstances.
The SC action would gain you valuable time to make an intelligent move and that is great - for you.
After reading all the posts - I guess I come down on your side, a contract is a contract.
I built a multimillion dollar business by doing just that - a "verbal" contract with a firm eye to eye handshake and have never been burned. If the owner refuses to deal with you up front like a man there is little recourse, other than the legal one, and then plan on leaving as soon as prudent.
Good Luck
God Bless
Bill
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sepisllib
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01/10/10 05:10pm |
Class A Motorhomes
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RE: How would you handle-park mgr changed mind-we have to leave
To the OP - I guess I fail to understand your "thought" process here. You knew up front the terms of the annual agreement, however from reading your posts it appears you elected to divert a significant portion of your funds to purchase a shed and blocks (thus improving the value of your particular site). By making this decision you have not lived up to the agreement - except by making a verbal agreement with the folks with a post dated check.
Next time I would suggest that if you cannot afford to pay as agreed you do not purchase something else in the middle of it all.
Personally - I would not stay there any longer than I had to now but it sounds like you were first to bend the rules.
Good Luck
God Bless
Bill
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sepisllib
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01/10/10 08:48am |
Class A Motorhomes
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Winter rest stop and a couple thoughts
We arrived in Marana, Arizona and selected our spot in site 149 in the Valley of the Sun RV park on North Sandario Road.
The prime reason for this location, for us, was they had a well run park, heated swimming pool, and the climite is good. A number of my health issues have been tapering off since I arrived and that makes it worth it.
Have been watching some have issues with their heat pump A/C's and that made me look at mine. I have "Duo-Therm" units. My units work exceedingly well all the way down to the low 20's. Interestingly enough the front unit will switch over to the propane fired furnace when the outside temp dips to around 23 or 24 degrees ----- but the rear unit just keeps on pumping out warm air. I don't have any idea at what temp it would have to get down to for the rear one to stop being effective - haven't experienced it yet and we've been in the teens a few times.
Both units cycle through the defrost mode every once in a while but it doesn't seem to be a problem at all. Consequently our propane usage is very minimal - have filled up one time in just over a year and it took a grand total of 8.3 gallons and I was surprised as we sometimes cook and we use the propane mode for boosting the hot water heater for showers every morning.
Fuel mileage for our trip - of nearly 3,000 miles of meandering out here was very good as the entire trip I ran the generator for two purposes - 1 to run the fridge as it was acting up on propane mode and 2 to allow me to run the heat pumps as the outside temperatures were cold enough the dash heat would not keep up. Mileage averaged 8.6 for the trip and I felt it was good for the ISL 370 Cummins.
Have posted few times these last few months due mostly to health issues and now we are enjoying the drier and warmer climite that we had at home.
God Bless
Bill
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sepisllib
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12/28/09 09:08am |
Class A Motorhomes
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RE: Rest area closings survey
My answer is "NO"
What gives them (the government) the right to close these rest stops when they serve to be a "safety" feature for us taxpayers?
It is TIME to take back our government, our rights, and make it what it should be - "OURS"
Kick them ALL out and replace them with people who "have never" held office before - and no legal type people allowed. goooh.com
God Bless
Bill
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sepisllib
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12/27/09 08:58pm |
General RVing Issues
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RE: Honda Odyssey - Yes I know again
Passed a nice looking "country coach" tag pulling an Odyssey on I-10 outside of Tucson Az today - near mile post 236 and they were Westbound. Looked like it was following along nicely.
The Odyssey and Coach had Iowa tags - but were not able to see the county it was from.
God Bless
Bill
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sepisllib
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12/27/09 03:11pm |
Dinghy Towing
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